Julius Baer, one of the largest Swiss banks, has warned clients living in Russia about the upcoming closure of their accounts.
This was reported by the consulting company Main Partner Trust
The Bank informed its clients that all business relations with them would be terminated no later than December 31.
All agreements and contracts, such as loan agreements, will be terminated as of September 30. After that, the bank will provide only limited services.
Starting August 1, Julius Baer will introduce several additional fees, including a quarterly service fee of 2,250 francs (approximately $2,590).
Back in May, Julius Baer began freezing investment accounts of Russians and Belarusians. In a letter to them, the bank referred to the requirement of the international depository Euroclear to isolate accounts of Russians and Belarusians under the sanctions legislation.
